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Global Enterprise Governance, Risk & Compliance (EGRC) Market To Be Driven By Increased Awareness And Rising Need For Regulation Compliance In The Forecast Period Of 2021-2026
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The key highlights of the report include:
Market Overview (2015-2026)
The global EGRC market witnessed decent growth in the historical period, due to increased awareness among business owners/operators regarding stringent compliance regulations and increasing need for data security.
Industry Definition and Major Segments
Enterprise governance, risk, and compliance (EGRC) enables risk and compliance management teams to analyse and share data for a 360-degree view of the organization's risk landscape, allowing executives and boards to build educated business strategies and minimize the risks for financial and data losses.
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Based on solutions, the market can be categorised into the following:
? Policy Management
? Audit Management
? Compliance Management
? Risk Management
Based on services, the market can be segmented into:
? Training and Consulting
Based on functions, the market can be divided into segments, such as:
Based on the end-use, the market can be divided into segments, such as:
? Construction and Engineering
? Energy and Utilities
? Mining and Natural Resources
? Retail and Consumer Goods
? Telecom and IT
? Transportation and Logistics
The regional market for eGRC includes:
? North America
? Asia Pacific
? Latin America
? Middle East and Africa
Globally, North America owns the largest market share, and the region will dominate the market in the forecast period. This can be attributed to early adoption of these technologies and successful implementation in active system. Asia Pacific is anticipated to grow with the fastest CAGR. With increased awareness and investments in manufacturing, IT and other business generating facilities, the need for eGRC will be on the rise and thus, the region is anticipated to lead the global market's CAGR growth in the forecast period.
Rapid globalisation and commercialization have prompted countries to develop new rules to promote fair trade. The eGRC plays a critical role in tackling the complexities of adhering to tight regulatory standards. Furthermore, changes in a country's economy result in the implementation of new policies or amendments to current ones. As a result, organisations must keep up with these developments and update their existing eGRC systems to avoid non-compliance. Also, the growing number of threats to critical data is likely to propel the global eGRC market forward in the forecast period. However, a lack of understanding of the benefits of corporate eGRC has hampered the expansion of industry, which can be improved by increased education and awareness among the businesses.
Key Market Players
The major players in the global market include International Business Machines Corporation (IBM) Corporation (NYSE: IBM), Microsoft Corporation, Oracle Corporation , SAS Institute Inc., Thomson Reuters Corporation, Wolters Kluwer N.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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